Do I have to make monthly payments with Equity Release?

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No, there is no obligation to make monthly payments with equity release, not unless you want to. The loan, plus any rolled-up interest, will be paid back when your plan comes to an end, usually when someone either enters permanent, long-term care or they die. 

 

Where interest is rolled up, it can quickly increase the amount owed.

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By taking equity from your home you may lose your entitlement to some means tested benefits, always check what you may lose as well as what you can claim before making a decision.